The price of XRP is currently trading at $0.554and has increased by 3% in the last 24 hours. However, XRP remains largely in the red over the 30-day period, after breaking below the $0.6 threshold earlier in the month. As of this writing, XRP is down 5.3% over the last 30 days.

According to CoinCodex, a machine learning algorithm, XRP is expected to continue its upward trajectory this week. According to the latest XRP forecast, yes on track for growth this week and will maintain its strength throughout the week, with the price expected to break above the $0.60 mark.

CoinCodex Forecast: XRP Price Set to Raise This Week

CoinCodex’s machine learning algorithm paints a bullish picture of XRP’s price journey this week. Its Fear & Greed Index, a popular tool that measures investor sentiment, currently stands at 72 for XRP, indicating a state of “greed.” Moreover, the mood has now turned neutral after spending the previous days in a bear zone.

According to CoinCodex algorithm, XRP technical indicators further confirm this trend. Of the 29 key indicators used in the analysis, 20 are bullish signals and only 9 are bearish signals. This forceful shift towards positive dynamics indicates growing market confidence in XRP’s near-term prospects. Taking these indicators into account, the algorithm predicts that XRP will break above the $0.60 mark again this week.

Moreover, CoinCodex predicts that XRP could achieve double-digit gains by the end of the week. The algorithm sets a target for XRP to close the week at $0.635269, which represents a significant raise of 16% from the current price level. Such a result would be a milestone for XRP because it would be for the first time in a long time that the cryptocurrency is seeing double-digit gains on a weekly basis.

What to expect from XRP this week

If XRP price movement proceeds as expected, it could signal the start of an extended uptrend for the cryptocurrency as momentum builds and investors flock in. A combination of positive technical indicators and good market sentiment makes this week a key period in the case of XRP, as it suggests that the asset is poised for further gains.

According to CoinCodex analysis, XRP has support levels at $0.540343, $0.534077 and stronger foundation at $0.530528. On the resistance side, the key levels to keep an eye on are $0.550157, $0.553706 and $0.559972 which could pose a challenge on the upside path.

The key price target for XRP to watch will be $0.60. If the momentum is exceeded, the momentum could pave the way for XRP to test the forecast level of $0.643268 by the end of the week.

Featured image created with Dall.E, chart from Tradingview.com